London: Global index provider FTSE has lowered the weightage of Indian conglomerate ITC in its global equity index series from 75 percent to 24 percent and raised it in the case of two other Indian entities.

According to the FTSE Global Equity Index Series' December Investability Weight Changes Summary, three Indian companies' -- ITC, Kotak Mahindra Bank and Indusind Bank -- weightage has been changed.

While ITC's weightage has been lowered, the other two companies' weightage has been increased.

Kotak Mahindra Bank's weightage has been increased from 33 percent to 35 percent and Indusind Bank's weightage was increased to 49 percent from 24 percent.

Following the announcement, shares of ITC tanked as much as 4.36 percent to an early low of Rs 292.50 on the BSE.

On the other hand, shares of Kotak Mahindra Bank and scrip surged 0.78 percent to a high of Rs 665 and Indusind Bank's shares jumped nearly 3 percent to an early high of Rs 417.75 on the BSE.

Other companies, whose weightages have been changed include Eurobank Ergasias of Greece (up from 75 percent to 100 percent), CJ Korea Express of Korea (down from 50 percent to 40 percent); Africa Israel Investments of Israel (up from 30 percent to 50 percent); Malaysia Airports of Malaysia (up from 30 percent to 50 percent) and Heckmann of USA (down from 100 percent to 75 percent).